BUSN 319 Marketing Week 2 Quiz Answers

 BUSN 319 Marketing Week 2 Quiz Answers

BUSN 319 Week 2 Quiz

  1. (TCO 1) To serve both buyers and sellers, marketing seeks to _____ and satisfy the needs and wants of prospective customers
  2. (TCO 1) A student would like to buy a sports car from the local dealer, but she cannot afford one.  Marketing does not occur in this situation because
  3. (TCO 1) The first objective in marketing is to discover consumer
  4. (TCO 6) Which of the following would be the best target market for tickets to the home games of the Indianapolis Colts professional football team?
  5. (TCO 6) The four Ps are commonly known as
  6. (TCO 1) Profit is
  7. (TCO 1) The corporate level in an organization is where
  8. (TCO 1) At the strategic business unit level, the marketing department provides leadership activities in
  9. (TCO 1) By understanding its business, an organization can take steps to define its _____, a statement of the organization's functions in society, often identifying its customers, markets, products, and technologies.
  10. TCO 1) The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself, is called
  11. (TCO 1) What are the three steps involved in the planning phase of the strategic marketing process?
  12. (TCO 1) The consumer products industry is one with several large competitors, soaring raw materials prices, and strong demands from powerful retailers for lower prices. As a result, Colgate-Palmolive Co. and Unilever Group, the makers of products such as Colgate toothpaste and Ben & Jerry’s ice cream, both reduced their earnings forecasts. Yet Procter & Gamble, another consumer products company, did not. At P & G, innovation is a key attribute, allowing the company to update all 200 of its brands and to invent products, such as Crest Whitestrips, that consumers crave. P & G has also used its marketing know-how to develop unique product placements on television shows that highlight its brands. A SWOT analysis of this information for P & G would indicate that the overall industry situation is a _____, whereas the invention taking place at P & G is a _____.
  13. (TCO 1) There are no magic, one-size-fits-all guidelines for writing successful marketing and business plans. Nevertheless, all of the following generally apply, except
  14. (TCO 5) The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called
  15. (TCO 5) The social forces of the environment include the demographic characteristics of the population and its _____. Changes in these forces can have a dramatic impact on marketing strategy.
  16. (TCO 5) Generally, the U.S. population is becoming
  17. (TCO 6) Value consciousness is
  18. (TCO 5) _____ is a time of slow economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend.
  19. TCO 5) One reason some people don't like to buy clothing from Internet retailers is the inability to know if the clothes will fit once they have arrived. ImageTwin has developed a scanning system with which it has gathered the measurements of individuals of all different sizes. All of the information has been fed into a database. Now, when you buy something at LandsEnd.com, you can see a 3-D image of what the item should look like on your body. This is an example of _____ forces in the marketing environment.
  20. (TCO 5) _____ is the form of competition in which just a few companies control the majority of industry sales.
  21. (TCO 6) Which of the following statements about the problem recognition stage of the purchase decision process is most true?
  22. (TCO 6) Customer satisfaction is an important focus for marketers because
  23. (TCO 6) _____ buy raw materials and parts that they reprocess into the finished goods they sell.
  24. (TCO 6) Which of the following statements accurately characterizes the organizational buying process?
  25. (TCO 6) Seven of the most commonly used organizational buying criteria are (1) _____, (2) ability to meet the quality specifications required for the item, (3) ability to meet required delivery schedules, (4) technical capability, (5) warranties and claim policies in the event of poor performance, (6) past performance on previous contracts, and (7) production facilities and capacity.